F1 News

Verstappen's manager denies tax evasion: 'Keeping to rules'

Verstappen's manager denies tax evasion: 'Keeping to rules'

06-06-2023 12:59 Last update: 13:51
37 Comments

Cas van de Kleut

Max Verstappen has been living in Monaco since late 2015. The Dutch Volkskrant wrote an article last week in which they addressed the tax benefits of living in the principality. In this article, the daily accused the Dutchman of legal tax evasion. The two-time world champion's manager, Raymond Vermeulen, said the accusations were unjustified.

Many drivers are residents of Monaco. Besides the city-state being hugely famous in Formula 1, due to the legendary Grand Prix held there, drivers without French nationality do not have to pay income tax. The Volkskrant reported that Verstappen's total tax benefit is estimated to be at least €200 million, should he continue to live in Monaco until the expiry of his contract in 2028.

'These are the rules'

According to Vermeulen, the Volkskrant's accusations are incorrect, he told the Dutch television programme Jinek: "We pay taxes neatly on the sports performances we perform in the Netherlands, such as the income he earns during the Dutch Grand Prix in Zandvoort. We also pay tax in other countries where he generates income as a sportsman. Furthermore, we have no activities in the Netherlands. So why should we pay tax on foreign income there? It would be strange if you pay double, these are the international rules."